Atlanta’s iconic Plaza Theatre is changing ownership, but the gathering spot for local artists is staying firmly in the hands of the film community.

Current owner Michael Furlinger, president of Furlinger Cinema Services, will sell the theater at 1049 Ponce De Leon Avenue to Christopher Escobar, who has served as executive director of the Atlanta Film Society for the past six years.

“I feel that our original goals when purchasing the theatre have all been met and it’s time to pass the torch so that Christopher can take the theatre to the next level,” said Furlinger in a statement posted to Facebook Aug. 25.

Escobar did not disclose the price of the sale, which is slated to close Sept. 22. Furlinger is helping to finance the transaction, Escobar said.

“I’ve been running a nonprofit for the last six years, and it’s not like I’m independently wealthy,” Escobar said. “While I had a lot of help and support from SouthCrest Bank, the way this really became possible is with Michael’s generosity.”

Furlinger has been running the Plaza for more than four years, bringing it from the brink of bankruptcy to profitable. Escobar estimated up to 75,000 people pass through the theater a year, up from about 20,000 in 2011.

“Today the Plaza is financially sound and has a long bright future,” Furlinger said.

Many have shown interest in buying the Plaza Theatre, which opened in 1939 and is the city’s longest continuously operating movie theater. But Furlinger was intent on finding the right buyer who would carry on the independent theater’s traditions, such as its frequent showings of cult classics “The Rocky Horror Picture Show” and “The Room.” The society’s annual Atlanta Film Festival also packs out the Plaza every spring.

“The Atlanta Film Society has a lot of vested stake in the Plaza, and frankly someone else without a vested interest coming along and buying it would be pretty hurtful to the society, not to mention what it would mean for the theater,” Escobar said. “For everyone who has ever loved the Plaza, those components they love will still be there and will be built upon.”

Escobar said he will keep showing the classics, but he also plans to diversify the theater’s offerings by adding more family friendly entertainment during the afternoon hours. He also hopes to create a post-production hub to be used by film and television projects on weekdays.

With the help of the Plaza Theatre Foundation, Furlinger, Escobar and others have already started renovating the old theater, from updating its Art Deco features and its 80-year-old marquee to renewing its beer and liquor license.

“We want to encourage folks to move events here and help make it the center of its own community,” Escobar said. “It’s not only the oldest cinema, but the oldest independently owned in the city, and we want Atlanta to really have a physical place that is collectively accessible to all of us.”

Furlinger is not selling the building or the land to Escobar, he is selling the theater entity itself. Charlotte, N.C.-based Asana Partners acquired the Plaza on Ponce strip center in March 2017, and it remains the owner.

“Since then [Asana] has worked diligently with the City of Atlanta and the neighborhoods to create a historic designation to ensure that the historic physical characteristics of buildings are maintained.” said Terry Brown, managing partner of Asana Partners, in a statement. “In recent weeks, Asana has begun light restoration and maintenance work and will continue to improve the Plaza over time.”

Brown said Asana plans to own the Plaza for “an extended period of time.” He said Asana Partners would not comment on the Plaza Theatre, but Escobar said he is working with the new property owners to make continued upgrades to the landmark.

“They plan on taking the best parts of the property and accentuating and highlighting them, making not only more historically accurate, but more sustainable, inviting and safe,” Escobar said. “We are talking about what role they might have in accelerating some of the projects I’m looking at five or 10 years down the road.”